Assume that a U$.$S$.-$based company has Common Stock, Preferred Stock, Cash, and Debt in its capital structure. It also has Operating Lease Assets and Liabilities. It has no Finance Leases $($FKA Capital Leases$).$ You calculate Current Enterprise Value $($TEV$)$ the traditional way, i$.$e$.,$ by starting with Current Equity Value $($Eq Val$),$ subtracting Cash, and adding Debt and Preferred Stock. Which of the following valuation multiples is INVALID?

a$.($TEV $+$ Operating Lease Liabilities$)/$ EBITDAR.

b$.$ Eq Val $/$ Net Income to Common.

c$.$ Eq Val $/$ Net Income.

d$.$ TEV $/$ EBIT.

e$.$ Eq Val $/$ Free Cash Flow.

f$.$ TEV $/$ Unlevered Free Cash Flow.

g$.$ Eq Val $/$ Common Shareholders$$ Equity.